Ord 2022-053/authorizing the issuance and sale of an amount not to exceed $1,200,000.00 of Combination Tax and Surplus Revenue Certificates of Obligation, Series 2022A, for (1) planning, acquisition, design and

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PRINCIPAL AMOUNT: DOLLARS ON THE MATURITY DATE specified above,the City of San Marcos, in Hays, Caldwell and Guadalupe Counties, Texas (the "Issuer"), being a political subdivision and municipal corporation of the State of Texas,hereby promises to pay to the Registered Owner specified above, or registered assigns (hereinafter called the "Registered Owner"), on the Maturity Date specified above, the Principal Amount specified above. The Issuer promises to pay interest on the unpaid principal amount hereof(calculated on the basis of a 360-day year of twelve 30-day months)from the Date of Original Issue at the Interest Rate per annum specified above. Interest is payable on February 15,2023,and semiannually on each August 15 and February 15 thereafter to the Maturity Date specified above, or the date of redemption prior to maturity; except, if this Certificate is required to be authenticated and the date of its authentication is later than the first Record Date (hereinafter defined), such Principal Amount shall bear interest from the interest payment date next preceding the date of authentication, unless such date of authentication is after any Record Date but on or before the next following interest payment date, in which case such principal amount shall bear interest from such next following interest payment date;provided,however,that if on the date of authentication hereof the interest on the Certificate or Certificates, if any, for which this Certificate is being exchanged is due but has not been paid, then this Certificate shall bear interest from the date to which such interest has been paid in full. THE PRINCIPAL OF AND INTEREST ON this Certificate are payable in lawful money of the United States of America, without exchange or collection charges. At maturity or redemption prior to maturity,the principal of this Certificate shall be paid to the registered owner hereof upon presentation and surrender of this Certificate at the designated corporate trust office in Houston, Texas (the "Designated Trust Office") of Regions Bank, which is the "Paying Agent/Registrar"for this Certificate. The payment of interest on this Certificate shall be made by the Paying Agent/Registrar to the registered owner hereof on each interest payment date by check, dated as of such interest payment date,drawn by the Paying Agent/Registrar on,and payable solely from, funds of the Issuer required by the ordinance authorizing the issuance of this Certificate(the "Ordinance") to be on deposit with the Paying Agent/Registrar for such purpose as hereinafter provided; and such check shall be sent by the Paying Agent/Registrar by United States mail, first- class, postage prepaid, on each such interest payment date, to the registered owner hereof, at its address as it appeared on the last business day of the month preceding each such date(the "Record Date") on the Registration Books kept by the Paying Agent/Registrar, as hereinafter described. Any accrued interest due at maturity or upon redemption of this Certificate as provided herein shall be paid to the registered owner upon presentation and surrender of this Certificate for payment at the Designated Trust Office of the Paying Agent/Registrar.The foregoing notwithstanding,so long as the Texas Water Development Board is the registered owner of 100% in aggregate principal amount of the Certificates then outstanding, payment of principal and interest on the Certificates shall be made thereto by wire transfer, at no expense to the Texas Water Development Board. The Issuer covenants with the registered owner of this Certificate that on or before each principal and interest payment date for this Certificate it will make available to the Paying Agent/Registrar, from the "Interest and Sinking Fund" created by the Ordinance, the amounts required to provide for the payment, in immediately available funds, of all principal of and interest on the Certificates, when due. All Certificates of this Series are issuable solely as fully registered certificates,without interest coupons, in any integral multiple of$5,000 (an "Authorized Denomination"). 8 SAN MARCOS(TWDB)CTRCO 2022:Ordinance